Are Electronic Funds Transfers Safe?

Electronic funds transfers (EFTs) are faster, more efficient, and less expensive than paper check transactions. They are also said to be safer and more secure. Many individuals, however, question whether or not EFT transactions are as safe as they are cracked up to be. First, it is important to realize that no payment or collection system is 100% safe. There is always the potential, no matter how small, for things to go wrong. Errors are possible, and foul-ups occur, even with the most advanced technologies in place. That said, many experts assert that EFT offers an extremely high level of security. In fact, EFT transactions are considered to be far safer than dealing with paper checks. Each year, an untold number of checks are lost in the mail. This is one risk that is immediately eradicated through the use of EFT transactions. There is nothing to be mailed, and therefore, nothing to lose. EFT transactions also help to reduce the risk of check fraud. With an EFT transaction, you are ...  more